The mammoth $5.1 billion sale of Port Botany and Port Kembla by the NSW government on Friday will deliver an army of fee-starved advisers and lawyers much-needed revenue, and shake up the mergers and acquisitions league tables.

The deal – the biggest deal since the $US5.4 billion reconstruction of Centro Retail Australia in 2011 – comes as broader transaction volumes wane and investment banks hope for an improvement as the year unfolds. Government sale mandates are known for paying skinny fees – but also go hand-in-hand with the prospect of future work, and much-needed league table credit.

The IFM consortium was advised by UBS and Lazard Australia. It triumphed over a group comprising Ontario Teachers’ Pension Fund and Hastings Funds Management (advised by JPMorgan and RBC), and a consortium made up of Alberta Investment Management, CPP Investment Board, QIC and Future Fund (advised by Macquarie Capital).

Point persons

UBS executive director Jarrod Key was a point person on the buy-side of the transaction, as was Lazard managing director Andrew Leyden. UBS and Lazard will receive a welcome leg-up from the deal, as both previously sat outside the top 10 advisers this year. This deal has changed the rankings, with Lazard elevated to second spot for merger work, closely followed by UBS at third.

Morgan Stanley, led by investment banking boss Richard Wagner, advised the NSW government on the sale. The transaction will see Morgan Stanley jump to first spot in the Dealogic merger league tables, from sixth presently. Macquarie Group slipped from first to fourth place.

With many state governments privatising large assets, the mandates are important. Goldman Sachs advised the state government on its 2012 desalination plant sale, while UBS is close to the Queensland government.

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A long list of lawyers were also involved in the Port Botany and Port Kembla transaction. Each consortium member and financing syndicate had its own legal representation, as well as one set of lawyers for the overall bid.

Herbert Smith Freehills’ partners Josh Sgro, Brendan Quinn and Gerard Pike acted for the IFM consortium, while the NSW government was tended to by law firm Minter Ellison.

The three consortia submitted offers for the leases on Monday. The bids for the 99-year leases included mountains of documents including funding arrangements. Roughly 10 lenders are thought to be providing the financing, led by ANZ.